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4D Molecular Therapeutics (FDMT) investor relations material
4D Molecular Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Entered a strategic partnership with Otsuka for 4D-150 in APAC, securing $85M upfront, up to $335.5M in milestones, and at least $50M in cost sharing over three years.
Completed a $93.3M equity offering in November 2025 and received up to $11M investment from the Cystic Fibrosis Foundation for 4D-710 development.
Focused on advancing 4D-150 for wet AMD/DME and 4D-710 for cystic fibrosis, with strategic pipeline prioritization and workforce reduction to support these programs.
Positive long-term safety and efficacy data reported for 4D-150 in wet AMD and DME, and strengthened leadership team and advisory board.
Financial highlights
Cash, cash equivalents, and marketable securities totaled $372.2M as of September 30, 2025, down from $505M at year-end 2024.
Net loss was $56.9M for Q3 2025 (up 30% year-over-year) and $159.5M for the nine months ended September 30, 2025 (up 43% year-over-year).
Research and development expenses increased 28% year-over-year for Q3 and 41% for the nine months, mainly due to increased clinical trial activity for 4D-150.
General and administrative expenses decreased 6% in Q3 but rose 8% for the nine months, reflecting lower headcount offset by higher legal and consulting costs.
Revenue was $0.09M for Q3 2025 and $0.12M for the nine months, both from Cystic Fibrosis Foundation collaboration.
Outlook and guidance
Cash runway expected to fund operations into the second half of 2028, beyond key Phase 3 trial readouts.
Anticipates increased R&D spending for 4D-150 Phase 3 trials and 4D-710 development.
Expects topline data for 4D-150 Phase 3 trials in 2027 and interim data for 4D-710 by year-end 2025.
4FRONT-1 Phase 3 trial in wet AMD to complete enrollment in Q1 2026, topline data in H1 2027; 4FRONT-2 to complete enrollment in H2 2026, topline data in H2 2027.
4D-150 DME injection burden reduction implications
Otsuka partnership's impact on 4D-150 global strategy
4D-710 development path post-CF Foundation funding
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Next 4D Molecular Therapeutics earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
Next 4D Molecular Therapeutics earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
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Frequently asked questions
4D Molecular Therapeutics Inc. (FDMT) is a clinical-stage biotherapeutics company engaged in the development of genetic medicines using a proprietary therapeutic vector evolution platform. The company is focused on addressing serious unmet medical needs across three main therapeutic areas: ophthalmology, cardiology, and pulmonology. Its portfolio includes genetic medicine product candidates in various stages of clinical trials. FDMT is headquartered in Emeryville, California, and its shares are listed on the NASDAQ.
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